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Rally stops short of late.......>

EURO-STERLING TECHS: Rally stops short of late April high
GBP bore the brunt of a firm wave of risk-off during US hours, prompting the
cross to rally toward (but not quite break) the late April highs of 0.8682. This
extends the recovery rally from the 0.85 mark but bulls need to secure the April
highs ahead of 0.87 and the 0.8715 retracement level. Bears need a break back
under 0.85 to open the ytd Mar 13 low at 0.8472. Any fall through here would see
key Fib support tested at the 0.8468 level, marking the 38.2% retracement of the
0.6936 - 0.9415 range.

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